The CHFJPY currency pair has recently touched the 38.2% Fibonacci retracement level at 170.90, a crucial support point that could act as a solid foundation for a potential upward correction. Following the previous downward movement, this support level presents a strong possibility of halting the bearish trend and triggering a shift toward bullish momentum.
The stochastic indicator, currently nearing oversold territory, suggests that the selling pressure is beginning to ease. This is a key signal for a potential recovery, as the market may soon accumulate positive momentum to resume its bullish trajectory.
In the near term, the CHFJPY is expected to target the 172.10 resistance level. A breakthrough at this point could lead to further gains, with the 172.60 level becoming the next key barrier.
Expected trading range for today: 170.90 – 172.10
Trend forecast: Bullish
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